BNB fell 7.8% over the past 24 hours, falling to $940 and breaking several key support levels in the process. The move followed a wave of sell orders that began after the token failed to break the resistance at $1,020.
An increase in trading volume, 72% above the weekly average according to CoinDesk Research’s technical analysis data model, suggests the sell-off was driven by larger holders offloading positions.
The BNB chain’s native token had held steady above $1,000 in recent weeks, a level seen by traders as psychologically and technically important.
That support broke under sustained selling pressure, sending BNB into a decline that accelerated during a broader cryptocurrency market slide that sent the CoinDesk 20 (CD20) index down as much as 5%.
The weakness in the crypto market caused bitcoin to fall below $104,000, sparking a wave of altcoin liquidations. Over the past 24 hours, CoinGlass data shows a total of $1.4 billion was liquidated in the crypto market, of which $1.2 billion were long positions.
While most tokens followed BTC lower, privacy coins moved the other way. DASH rose 56% and added 5%, outperforming the broader market as traders rotated into more decentralized and less traceable assets.
BNB now faces technical resistance at $1,000 and $980, with analysts watching closely to see if it can hold above $940. A break below this level could open the door to further losses in the near term.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial staff to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
